NESDB revises Thailand's GDP growth in 2013 to 3.8-4.3%

BANGKOK, August 19 (TNA) - The Office of the National Economic and Social Development Board (NESDB) has revised its projection of Thailand's gross domestic product (GDP) growth rate in 2013 to 3.8-4.3 per cent, from its earlier forecast of 4.2-5.2 per cent. NESDB Secretary-General Arkhom Termpittayapaisith announced the revised figures on Monday, reasoning that the national economy grew by only 2.8 per cent in the second quarter of this year, compared with 5.4 per cent in the first quarter, resulting, consequently, in the Thai economy to expand by only 4.1 per cent in the first half of this year, when Thai exports grew by only 1 per cent, domestic consumption by 3.4 per cent and investment in the local private sector by 5.1 per cent. But the NESDB chief acknowledged that the Thai tourism expanded well and it was the only factor which cushioned the national economy during the January-June 2013 period, assessing that the number of international visitors to Thailand should rise to 26.2 million by the end of this year, from 24.7 million last year. Arkhom estimated that Thai exports should grow by only 5 per cent on average this year, suggesting that the government work hard to boost the country's exports by as much as 8.7 per cent in the second half of this year, or at the value of about 21 billion US dollars monthly, from about 18.9 billion US dollars currently. According to the NESDB chief, Thai exports should improve in the third quarter of this year, boosted mainly by the local automobile industry, which will speed up its export-oriented manufacturing after serving local demand due to the first-car buyer scheme of the government in the first half of this year. The NESDB chief also expected that the local electronic and jewelry industries should support the national economic growth in the third quarter, so should Thailand's low-base economic growth rate in the same period of last year, at only 3.1 per cent. The NESDB is, meanwhile, concerned over a slow economic recovery in Europe, the United States and Japan, an economic slowdown in China, a decline in economic stimulus measures implemented by the Thai government, delayed implementations of official mega infrastructure projects and domestic political uncertainty. (TNA)